Daily Forex Technicals | Written by India Forex
EURUSD : EURUSD is currently trading at 1.4535 levels and it has touched high of 1.4580 levels yesterday (As Expected). Bias is little mixed but bullishness would be confirmed once 1.4650 would break on the upside. Initiate shorts near 1.4580 levels with tight stoploss above 1.4640 levels, profit target 100-120 pips (EURUSD–1.4535).Rangebound to Bullish.
GBPUSD :GBPUSD is currently trading near 1.6280 levels. If it breaks this level and trades above these levels for 2 - 3 tarding sessions then we could see 150-200 pips move upside. Initiated buy near 1.6150-80 area, keeping stoploss below 1.6100 levels.(GBPUSD-1.6280)Rangebound
USDJPY : The JPY is currently trading near 91.74 level and is having immediate resistance near 92.20 levels (200 days EMA) which if broken then could see upside move near 93.50 levels. Levels close to 93.50 remains strong technical resistance plus stochastic in weekly charts are also showing strength in yen. Cautious shorts can be initiated near 93.50 levels for the target of 90.20 levels with tight stoploss of 150 pips. Trend still remains bullish for yen below 93.50 levels (USDJPY- 91.74) Bullish.
AUDUSD :AUDUSD is consistently trading above 21 Days daily EMA and is currently trading at 0.9300 levels.Immediate resistance near 0.9410 levels (double top formation) where cautious shorts can be initiate for the target of 100-150 pips. (AUDUSD - 0.9300) Bullish.
Gold : GOLD is currently trading at $1142 levels and it has touched a low $1118 levels yesterday. Initiate buy near $1128 levels for a target of 30 dollars. Do not go short on gold since it seems quite bullish. Buying on downside levels is recommended. (Gold-$1142) Bullish.
Dollar Index: Dollar Index is having an immediate support near 76.70 - 76.80 levels. Dollar Index is in a consolidation mode and fall from 78.45 might extend further on the back of the strength in Euro in short-term. (DI -76.75). Neutral.
Daily Forex Technicals | Written by FXtechtrade
EUR/USD
Today's support: - 1.4483, 1.4465, 1.4444 and 1.4403(main), where correction is possible. Break would give 1.4371, where correction also may be. Then follows 1.4358. Break of the latter would result in 1.4300. If a strong impulse, we would see 1.4288. Continuation will give 1.4257.
Today's resistance: - 1.4580(main). Break would give 1.4612, where a correction is possible. Then goes 1.4630. Break of the latter would result in 1.4647. If a strong impulse, we'd see 1.4670. Continuation will give 1.4716.
USD/JPY
Today's support: - 91.08, 90.78 and 90.57(main). Break would bring 90.23, where correction is possible. Then 90.00, where a correction may also happen. Break of the latter will give 89.78. If a strong impulse, we would see 89.55. Continuation would give 89.40 and 89.13.
Today's resistance: - 91.86(main), where a correction may happen. Break would bring 92.13, where also a correction may be. Then 92.46. If a strong impulse, we would see 92.70. Continuation will give 92.94 and 93.37.
DOW JONES INDEX
Today's support: - 10648.14 and 10620.00(main), where a delay and correction may happen. Break of the latter will give 10600.31, where correction also can be. Then follows 10583.25. Be there a strong impulse, we would see 10563.80. Continuation will bring 10545.86 and 10515.70.Today's resistance: - 10690.50 and 10713.50(main), where a delay and correction may happen. Break would bring 10731.20, where a correction may happen. Then follows 10754.65, where a delay and correction could also be. Be there a strong impulse, we'd see 10776.09. Continuation would bring 10797.88.
Metals May Gain 32% in 2010, Morgan Stanley Forecasts
(Bloomberg) -- Metal prices may average 32 percent higher this year because of strengthening industrial production, driven by growth in China, said Morgan Stanley. “The economic outlook has improved materially in response to unprecedented fiscal and monetary stimulus initiated in 2009,” analysts led by Melbourne-based Peter Richardson said today in a report, citing copper as its preferred metal. Morgan Stanley raised its 2010 aluminum price forecast 16 percent to 98 cents a pound, copper by 7 percent to $3.18 a pound and zinc 21 percent to 97 cents a pound. JFE Holdings Inc., Alcoa Inc., Xstrata Plc, Vale SA and Vedanta Resources Plc are the broker’s top stock picks.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abnbjEX1L4j4
Emerging Stocks to Match 40% Profit Gain, Fortis Says
(Bloomberg) -- Emerging-market corporate profits may rise as much as 40 percent this year, and it’s “reasonable” for stocks to post similar gains, according to Fortis Investments said. Developing-nation shares are trading at around 12 to 13 times earnings, with profit estimated to rise between 35 percent and 40 percent, said Gabriel Wallach, who oversees $2.5 billion in developing-market assets as head of global emerging market equities at Fortis in Boston. Investors can expect “returns in that range” even without valuations increasing, he said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMRoDh6ZCNJc
Rubin, Oil Rally Predictor, Sees $100 Crude in 2010
(Bloomberg) -- Jeff Rubin, the former CIBC World Markets Inc. chief economist who accurately predicted oil’s surge during the last decade, expects crude to reach $90 a barrel this quarter and $100 by the year’s end. Accelerating demand in Asia and the Middle East will force consumers to rely on costlier non-conventional energy sources such as oil sands, said Rubin, who spent 20 years with the Toronto-based bank and last year published a book on energy economics, “Why Your World is About to Get a Whole Lot Smaller.” Rubin correctly forecast in 2007 that crude would reach $100.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZmJGmyDUVXM
Black Swans Abound as Year of Tiger Shows Teeth: William Pesek
(Bloomberg) -- If many of us could have turned around the moment we entered 2010 and made obscene gestures at 2009, we would have. After the wreckage of the past 12 months, 2010 has to be a good year, right? Good for governments staving off financial chaos, good for households struggling to stay afloat, good for investors wondering which rules of economics and markets still apply. It really is hard to see this year outdoing the last one in the doom-and-gloom department.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6oJ.p_VFnSw
Citigroup Says Pound to Gain Versus Dollar: Technical Analysis
(Bloomberg) -- The pound will probably gain versus the dollar after rising above the downward channel that contained the currency’s decline since November, according to Citigroup Inc.The U.K. currency rose 0.6 percent to $1.6264 at 10:20 a.m. in New York. It advanced through resistance between $1.6240 and $1.6260, according to a report by Citigroup analysts led by chief technical analyst Tom Fitzpatrick in New York. A downward channel connects a series of declining highs and lows to form a range of movement that is used to predict the pace of a trend and when it may end.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVy0AJeK9uQI
The Future Reserve Currency Is the Euro: Strategist
By: Constance Faivre d'Arcier
Special to CNBC.com
The euro will become the world's favorite reserve currency because Europe has a better growth strategy than the US, David Roche, global strategist at Independent Strategy told CNBC."We'll actually produce a much stronger fiscal balance, a much better debt-to-GDP ratio within the eurozone", Roche said.The German economy has recorded its fastest post-war contraction, at 5 percent in 2009, with exports falling by 14.7 percent, alongside investment. But this, paradoxically, brings opportunities for private investors, according to Roche.
http://www.cnbc.com/id/34855822
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